Meaning of the word "money pit" in English

What does "money pit" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

money pit

US /ˈmʌn.i pɪt/
UK /ˈmʌn.i pɪt/
"money pit" picture

Noun

1.

something that costs a lot of money to operate or maintain

Example:
That old car has become a real money pit.
Buying that huge house was a mistake; it's been a money pit ever since.
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